Yulu, a company specializing in electric two-wheelers, has secured $19.25 million (approximately Rs 160 crore) in equity funding from its existing investors Magna and Bajaj Auto Ltd.
This additional capital will allow Yulu to sustain its growth momentum and reinforce its position as a market leader. The funding will support the expansion of its fleet, operational reach, and initiatives in product and technology innovation, as stated by the company in a press release.
In September 2022, Yulu raised $82 million in equity funding in a Series B round led by US-based Magna International. Additionally, the company secured $3 million in debt financing in January of this year, as reported exclusively by Entrackr. Yulu has amassed over $130 million in funding to date.
Yulu, established six years ago, offers last-mile connectivity through its electric bikes and operates a network of EV charging and battery swapping stations. The company provides Mobility-as-a-Service (MaaS) solutions in Bengaluru, Mumbai, and Delhi-NCR.
Through its joint venture with Canadian automotive supplier Magna, known as Yuma, Yulu has conducted more than 6.5 million battery swaps to date.
Amit Gupta, co-founder and CEO of Yulu, confirmed that the company is on schedule to raise its Series C round soon.
“Yulu will continue to strengthen its leadership in the mobility-as-a-service (MaaS) segment by deepening existing business lines and opening up new use cases and geographies. Hence, we will look to raise additional funds to power our growth. We are gratified to see a lot of inbound interest from institutional investors and will raise additional capital later this year,” he stated.
According to startup data intelligence platform TheKredible, Yulu reported revenue from operations of Rs 41.74 crore in FY23, up from Rs 29 crore in FY22. However, the company’s losses also increased to Rs 95 crore from Rs 55 crore during the same period. Yulu claims to have achieved nearly a fivefold increase in revenue over the past five years.
Yulu faces competition from companies like Zypp Electric, Bounce, and Ebikego, among others.
